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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
 COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector in Indonesia is unlikely, despite the substantial number of distressed coal companies in the country. Sustained weakness in demand and an uncertain price outlook for Asian thermal coal have prompted the larger coal companies in Indonesia to preserve liquidity and focus on maximising returns from existing projects.
Coal prices have fallen by about 40% from the average prices in 2011, and are not expected to see any material improvement in the next 12-24 months, due to weak import demand from China and strong supply globally.
The larger Indonesian coal miners have already incurred sizable investments in greenfield and brownfield coal projects in the past two to three years, and now have large undeveloped resources. Fitch believes capex will be mostly limited to expanding production of existing assets and bringing some of the economically viable resources to production readiness. Investment spending by these companies on new coal assets will be muted until there is a meaningful recovery in coal prices.
Fitch believes any M&A will be limited to assets that can be relatively easily integrated into existing operations of potential suitors or mines than can be integrated with potential mine-mouth power generation projects supplying to the national grid based on long-term power purchase agreements. We also believe there could be some interest from overseas power generation companies, such as from India, to support their coal requirements in the home market. However, we believe such opportunities are limited compared to the number of distressed coal assets in Indonesia.
An additional obstacle for M&A is regulatory risk. These include national production (or export) caps, increased royalties for the newer (Izin Usaha Pertambangan/IUP) coal license holders (which make up the largest share of the distressed assets). Furthermore, most available greenfield mines are located in Sumatera, which generally contains low calorific value (CV) coals.
Presently, low CV coals face a higher degree of uncertainty in terms of pricing, given a potential ban (or punitive import taxes) on the import of these into China. Given the low energy content and higher investments required for logistics, monetising Sumatran coal has become increasingly more challenging.
Given the weak market conditions and outlook, access to funding, including bank debt and debt capital markets, has also been challenged, except for a very few large, profitable coal producers in Indonesia. This too is proving to be a constraining factor for consolidation.
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Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
The Floating Terminal c ...
Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
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- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
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